Banking on the Data Revolution

The data democratization

India is the highest consumer of mobile internet in the world. Internet access has allowed people to explore products, services, opportunities, and content from across the world.

Source: Ericsson Mobility Report 2018

This change is already forcing enterprises to take their businesses online and have a presence in the online space. Online retail sales has increased by over 250% from $19.7bn in 2015 to $50bn in 2018. Out of all the queries for digital commerce, 82% were made through mobile device in 2017.

Smartphone penetration

While PCs and tablets are expensive and beyond the budget of the masses, with 4G enabled smartphones costing roughly $7 in the country, affordability is no more a constraint leading to around 500% increase in the number of 4G enabled smartphones from 47 million in 2015 to 218 million in 2017. The number of mobile internet users is expected to rise sharply by roughly 21% CAGR fr ...

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